NBK Egypt achieves a Breakthrough in Financial Efficiency Indicators during 9M-2023
First Bank
National Bank of Kuwait- Egypt, achieved a significant progress in its financial efficiency indicators during the first 9M of last year, The following analysis highlights bank's development in financial efficiency indicators from January to September 2023.
The financial statements of NBK Egypt, ending on September 30 2023, revealed that the bank achieved a return on average equity (ROE) of 20.87% during the first 9M- 2023, compared to 12.19% during the same period in 2022.
The return on average assets of the bank was 2.31% during the first 9 months of 2023, compared to 1.56% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits surged with a growth rate of 100%, reaching EGP 2.574 bn during the first 9M- 2023, compared to EGP 1.288 bn during the same period in 2022, an increase of EGP 1.286 bn.
In terms of earnings per share, the bank recorded a growth rate of 100% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 4.63 per share during the first 9 months of 2023, compared to EGP 2.32 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 19% in its Equity portfolio during the first 9M-2023, as it increased from EGP 11.270 bn at the end of December 2022 to EGP 13.396 bn at the end of September 2023.
The bank's asset portfolio also increased by 12.34% during the first 9M of the last year, reaching EGP 118.110bn at the end of September 2023, compared to EGP 105.137 bn at the end of December 2022, an increase of EGP12.973bn.
